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Most Recent Posts

Massachusetts Hits Yacht Owner With Use Tax

Massachusetts Hits Yacht Owner With Use Tax

When he purchased Odyssey the insurance paperwork indicated that he would be docking it in New Bedford (The famous whaling port just across Buzzard’s Bay where the fellow who you were to call Ishmael shipped out with Captain Ahab).  Documentation with the Coast Guard and Homeland Security indicated Fairhaven was the home port.  Probably worst was that Fairhaven was emblazoned on the stern of the yacht.  And of course there was no use tax paid to Florida, which Mr. Brodsky had testified was the yacht’s intended home.

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Review: Disrupted By Daniel Lyons, As Read By An Accountant

I ended up not having a tremendous amount of sympathy for Lyons. I encountered many of the problems he did as I had a bad culture fit in the waning days of my career and annoyed mysterious powers that be with my on-line presence. I don’t think I whined about it nearly as much, but that’s not what I found really interesting about Disrupted. It was the accounting stuff in there that really grabbed me. Balance sheets and income statements, the stuff of life.

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Clinton, Sanders Somewhat Confusing Vigorous Agreement On Social Security Cap

The social security cap, along with the way “Medicare for all” is financed, is one of the biggest differences between the tax plans released by Clinton and Sanders.  Although both plans reduce the after tax income of those making over $730,000 (Sanders much more dramatically), the Clinton plan barely touches what I call “the other 4%” ($140,000 to $730,000), the Sanders plan reduces their after tax income by over 10%.

Much of that difference comes from the Sanders plan fooling with the income cap on social security tax.  Social security tax still gets turned off at $118,500 under the Sanders plan, but it gets switched back on at $250,000. That change would have cost the Clintons over $2 million on their 2014 returns and the Sanders, well, zero.  The challenge in the debate was to Clinton as to whether she would support the cap change in order to shore up social security.  

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Friedman LLP Survey Of Business Leaders On Tax Issues Has Surprising Results

Friedman LLP Survey Of Business Leaders On Tax Issues Has Surprising Results

Just over half of the respondents with international transactions found the international tax environment at least somewhat overwhelming.  On a perhaps encouraging note, 65% of the business leaders indicated that they would not move their intangible property and logistical functions outside the United States even if it meant achieving a tax rate as low as 10%.  The folks at Friedman seem to think that they are missing out.

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